CCBLA - Arab-Belgium-Luxemburg Chamber of Commerce - ABLCC

Upcoming events

February 24th, 2011

Conference on “Flanders and the Arab countries : Strenghtening the economic partnership”, by H.E. Mr. Kris Peeters, Minister-President of the Flemish Government.

March 11th – 17th

Economic mission to Saudi Arabia with visits to Jeddah, Dammam and Riyadh, in cooperation with the AWEX.

Official data indicate the economy in Saudi Arabia has been growing by 15.2% in nominal terms in the second quarter of 2010, maintaining the forecast for real GDP growth of 3.9% in 2010. Oil was by far the fastest growing sector, while construction and utilities were the best performing non-oil sectors. The growth in the latter sector is explaining by significant and sustained government spending. Manufacturing also posted strong growth and reflects the start of production at some petrochemical facilities and a revival in output in other industries such as cement. The transport sector benefited from a higher volume of imports and exports.

It is expected that non-oil private sector growth will strengthen in the coming months, as bank lending continues to rise and business and consumer confidence improves.

March 19th – 24th

Economic mission to the United Arab Emirates

After a difficult year in terms of economic and financial performance, the UAE is back on track and is entering its 40th anniversary in 2011 on a stronger footing, backed by recovering oil prices and massive overseas assets.

The country’s economy is projected to rebound by around 2.4% in 2010 and is expected to grow by nearly 3.2% in 2011, according to both the Arab Monetary Fund and the International Monetary Fund. The nominal GDP is to gain more than $15 billion to reach nearly $239.6 billion in 2010 and is to grow further to nearly $255.1 billion in 2011. The country thus has the largest Arab economy (after Saudi Arabia) and the main contributors to GDP are hydrocarbons (29.2%), services (13%), manufacturing (16%), construction (11%), trade (9%) and finance (6%).

The main engines of growth in the coming months will be the vast infrastructure plans in Abu Dhabi and the growth in services and trade in Dubai. Project spending in the country is likely to rise to $85 billion, to be compared with $47.1 billion in 2009 and $61 billion in 2010. The country is also striving to implement a new strategy to ensure its economic growth. This includes the expansion of its industrial base and the opening of new markets in Africa and Asia. The industrialisation drive is focussing on products in which the UAE has a distinct advantage, such as aluminium, steel and petrochemical industries.

Foreign direct investment is another major element of growth : the UAE has attracted more than $73 billion FDI since it was established and emerged as the second top capital recipient in the region with nearly 26% of the combined foreign capital received by the six-nation Gulf Cooperation Council. The country is also a major capital exporter, pumping over $53 billion into foreign markets over the past two decades.

The ABLCC mission is to visit Abu Dhabi, where economic growth is expected to reach 5% in 2011, and Dubai, where a rebound in global trade, the resolution of Dubai’s World debt restructuring and improved investor confidence is offering promising perspectives for growth. Important visits are also planned in Ras Al Khaimah, where industrial investments exceeded more than $3 billion since 2006 and are set to surge 20% in 2011. Investors primarily operate in the Free Zone and Industrial Park in Al Hamra and the Industrial Park in Al Ghayl, recognised as the “Best Foreign Direct Investment Destinations in the Middle East” by the Financial Times Group.

Last but not least, the ABLCC mission is to focus on the UAE as a logistics hub, estimated to have generated $7 billion in revenues in 2010. The UAE indeed gained prominence in terms of transport and global logistics, establishing itself as a centre for trans-continental trade. Huge investments in infrastructure and logistics projects (including Dubai Logistics City, Jebel Ali Port, Khalifa Port and Industrial Zone…) are likely to maintain the nation’s position as a key logistics hub in the Middle East in the long term.

March 31st

Seminar on the economic relations between the United Arab Emirates and Belgium and fields of cooperation and investment between the two countries.

Mr. Ghassan Ejjeh, Senior Vice President Group Besix and Member of the Board of the ABLCC, will speak on “The UAE : The Myth and the Reality.”

April

Symposium “Doing Business with the Arab Countries” in cooperation with Ducroire and Byblos Bank.

May

Symposium on the Republic of Tunisia, coinciding with a variety of activities organised by the Chamber in cooperation with BECI and the Republic of Tunisia.

June 6th and 7th

Meetings of the Board of Directors and the General Assembly of the ABLCC.

September

On the occasion of hosting the Kingdom of Saudi Arabia as a Guest of Honour at the Ghent International Exhibition, the Chamber will organise a seminar in collaboration with the Embassy of Saudi Arabia in Brussels.

October

Economic mission to the Libyan Arab Jamahiriya.